Recommendation: ACCUMULATE · Rating 6.6/10
O RZAK11 é o maior FII de papel multiestratégia da Riza Asset e oferece exposição a 8 núcleos de gestão simultâneos (Real Estate, Infra, Securitização, Agro, Direct Lending, Allocation, Renda Fixa). Em vez de um FII de papel "clássico" focado em CRI corporativo IPCA+, o RZAK11 combina CRIs de incorporação (Mitre, Direcional, MRV), de infraestrutura (energia solar, portos), pulverizados (Helbor, Galleria) e cotas de FIIs irmãos da casa Riza (RZAT11, RZLC11, BRL Direcional, etc.).
A tese funciona em três frentes: (1) Renda alta com diversificação de risco de crédito — DY de 16,0% com 49% IPCA+ a 10,11% e 31% CDI+ a 3,34%, distribuído por 51 ativos; (2) Originação proprietária Riza — 8 núcleos da casa originam CRIs e estruturas que outros gestores não acessam; (3) Hedge IPCA/CDI explícito — a carteira é desenhada para ter ganho patrimonial em curva fechando E carrego mais alto em SELIC alta. O guidance R$ 1,00-R$ 1,10/mês aponta DPS estável até pelo menos jul/2026.
R$ 6.54 million of the original R$ 50.2 million position in Starbucks CRIs (III, IV, and V — issued by SRC 6/Southrock) have been under court-supervised reorganization for 28 months. Zamp acquired the Starbucks operation in Brazil in June 2024 for R$ 101.8M, but the proceeds went to labor claims and suppliers — the CRIs were left out of the scope. Current collateral consists of roughly R$ 3M in credit card receivables held under a court injunction. The balance continues to be negotiated through a multi-year installment agreement conditional on reorganization success.
In full-year 2025, the fund posted a cash result of R$ 107.8M (R$ 12.24/unit) and distributed R$ 110.5M (R$ 12.55/unit) — a 102.5% payout. The excess came from retained earnings from prior months. In January 2026 alone, the payout reached 161% (R$ 0.68 generated, R$ 1.10 distributed), driven by lower FII revenue due to deferred capital gain events. This pace is only sustainable because the fund retains a portion of strong months as reserves — as of Feb/26, R$ 0.42/unit remains in reserves.
The fund fully unwound its leverage via reverse repurchase agreements across March-May 2026 (previously: 102.87% of NAV in Feb/2026; now: 96.04% in May/2026). Deleveraging is positive for NAV but slightly reduces carry, contributing to the reduction in distributions from R$ 1.10 to R$ 1.05/unit starting in June 2026. The guidance in the latest management report maintains the R$ 1.00–R$ 1.20 range.
Despite the "multi-strategy" name, the fund concentrates in the Real Estate desk (42.92% of NAV), followed by Securitization and Portfolios (24.80%) and Infrastructure (21.75%). A downturn for developers (who dominate real estate debtors) disproportionately impacts the fund — current examples include CFL Inc. (South), Mitre (São Paulo), Direcional, and MRV. Diversification across 35 CRIs mitigates, but does not eliminate, this sectoral risk.
The fund charges 15% on returns exceeding the CDI (without an IPCA benchmark, unlike RZAT11). With the Selic rate at 15% p.a., the benchmark is demanding — in December 2025, the performance fee totaled R$ 1.46M (R$ 0.17/unit), reducing available reserves. For all of 2025, R$ 1.46M was paid, meaning the fee only triggers in exceptional months.
Brazil's Central Bank has signaled the start of an interest rate cutting cycle for the Selic rate (currently at 15% p.a.) — explicitly cited by the manager in February 2026. 31% of the portfolio is indexed to CDI+ at an average spread of 3.34%, meaning a 200–300 bps drop in the Selic rate would directly reduce the fund's carry. Mitigation comes from high IPCA+ exposure (49%), but the impact could become visible in 2027 if the cutting cycle materializes.
Our current reading of RZAK11 is ACCUMULATE, with a score of 6.6/10. This score comes neither from the manager nor the administrator: it is Rico aos Poucos' editorial assessment, built from the documents the fund files with the CVM. Below is what supports it — and what argues against it.
Fourth: high dividend yield (15.8%) and P/BV of 0.88, active management by Riza with leverage now fully unwound. Penalized by Starbucks CRIs under court-supervised reorganization since 2023, a 2025 payout of 102.5% (distributed above generation), and a 15% performance fee over the CDI without an IPCA hurdle.
RZAK11 holds ~10% of its net assets in Riza FIIs (RZAT11, RZLC11, RZLC15, BRL Direcional). During systemic stress at Riza, these assets correlate heavily with RZAK11 — apparent diversification is lower than actual diversification.
INCC-DI+ tracks construction costs, which diverge from IPCA inflation during real estate cycles. In a sharp real estate slowdown (falling INCC), 11% of the portfolio yields less than equivalent IPCA-linked assets.
R$ 10M in CRIs (Brazilian real-estate receivables certificates) mature in 1-2 months. Reinvesting in a declining Selic (Brazil's policy rate) cycle may lock in lower rates.
Financial expenses swung between +R$ 4.3M (Oct/25, gain) and -R$ 1.5M (Jan/26, loss). In poor months, this consumes up to R$ 0.17/unit.
Riza FII units pay out the fund's dividend, but RZAK11 "doubles up" on its net asset exposure to those underlying assets in the final look-through (~17% overall). Mitre's actual risk is higher than the management report shows (direct CRI + Mitre via Ícone FII).
| Scenario | Description |
|---|---|
| Orderly Selic rate cuts in 2026 | Central Bank signals start of the cycle. IPCA+ assets appreciate, CDI+ yields drop marginally. Portfolio gains in book value; DPS remains stable via guidance. |
| Starbucks agreement settled in 2026 | Recovering the remaining R$ 6.5M via an installment agreement would release R$ 0.30–0.70/unit over 2–3 years. |
| New credit event in a mid-sized developer | RZAK11 has meaningful exposure to Mitre, MRV, Direcional, and Tenda. Sector stress could trigger additional loan loss provisions. |
| Low inflation (IPCA < 4%) for 2 years | 49% of the portfolio is IPCA+. A prolonged period of low inflation proportionally reduces monthly cash earnings. |
| Selic rate maintained at 15% for 12+ months | 31% CDI+ exposure continues to perform well; management maintains its R$ 1.00–1.10 guidance. |
RZAK11 is a solid multi-strategy credit FII option for investors seeking multi-strategy exposure managed by Riza, without having to assemble 4–5 separate FIIs. Combining 8 core segments (Real Estate, Infrastructure, Securitization, Agribusiness, Direct Lending, Allocation, Fixed Income) into a single vehicle is genuinely distinctive — Riza possesses proprietary origination channels that other managers cannot access.
The current DPS of R$ 1.10/month is sustainable in the short-to-medium term (retained earnings of R$ 0.42/unit + R$ 23M in cash cover 2–3 quarters even at a 105% payout). Management's guidance is R$ 1.00–R$ 1.10 for the next 3 months, and the P/BV ratio of 0.94 offers a slight discount to book value. The market price of R$ 83.39 (June 1, 2026) sits below the estimated fair price of R$ 92, offering ~10% upside in our base case.
The primary risks are concentration in Direcional (~14%) and Mitre (~7.5%) on a look-through basis, residual exposure to Starbucks CRIs (R$ 6.5M under court-supervised reorganization since Dec/2023), and 102.87% leverage via reverse repurchase agreements. For a moderate-aggressive investor profile (3.6/5.0 on our model) who accepts complexity, it stands out as one of the best options in the Riza family.
Current recommendation: ACCUMULATE. Rating 6.6/10. Caution: a small slice of the portfolio (less than 1% of the total, R$ 6.5M) involves debt securities from a company that operated Starbucks stores in Brazil and entered financial distress in 2023 — this case is undergoing court-supervised reorganization and represents the…
Our current read on RZAK11 is “ACCUMULATE”. Rating 6.6/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Riza Akin FII include: Starbucks CRIs in court-supervised reorganization since Dec/2023; 2025 payout of 102.5% — distributed above generation; Deleveraging completed — impact on carry; Real Estate concentration (43% of NAV).
RZAK11 is suitable for: Investors seeking exposure to multi-strategy CRIs with active Riza management Those who accept complexity (8 desks, 51 assets) in exchange for a high dividend yield and internal diversification Profiles seeking an implicit IPCA/CDI hedge without needing to set up two separate FIIs